Document and Entity Information
Document and Entity Information - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Oct. 31, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Registrant Name | TYRA BIOSCIENCES, INC. | |
Entity Central Index Key | 0001863127 | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-40800 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 83-1476348 | |
Entity Address, Address Line One | 2656 State Street | |
Entity Address, City or Town | Carlsbad | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 92008 | |
City Area Code | 619 | |
Local Phone Number | 728-4760 | |
Entity Common Stock, Shares Outstanding | 42,197,431 | |
Entity Listing, Par Value Per Share | $ 0.0001 | |
Title of 12(b) Security | Common Stock, $0.0001 par value per share | |
Trading Symbol | TYRA | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Document Transition Report | false | |
Document Quarterly Report | true |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 263,211 | $ 302,182 |
Prepaid and other current assets | 4,260 | 1,875 |
Total current assets | 267,471 | 304,057 |
Restricted cash | 1,000 | 243 |
Property and equipment, net | 1,146 | 1,027 |
Right-of-use asset | 2,496 | 1,062 |
Other long-term assets | 3,872 | 312 |
Total assets | 275,985 | 306,701 |
Current liabilities: | ||
Accounts payable (including related party amounts of $64 and $47, respectively) | 2,747 | 599 |
Lease liabilities, current | 127 | 202 |
Accrued and other current liabilities | 2,615 | 2,815 |
Total current liabilities | 5,489 | 3,616 |
Lease liabilities, noncurrent | 2,514 | 981 |
Other long-term liabilities | 226 | 367 |
Total liabilities | 8,229 | 4,964 |
Commitments and contingencies (Note 2) | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value; 50,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; no shares issued and outstanding at September 30, 2022 and December 31, 2021, respectively | 0 | 0 |
Common stock, $0.0001 par value; 500,000,000 shares authorized at September 30, 2022 and December 31, 2021, respectively; 42,632,858 and 42,536,183 shares issued at September 30, 2022 and December 31, 2021, respectively, and 42,136,971 and 41,441,135 shares outstanding at September 30, 2022 and December 31, 2021, respectively | 4 | 4 |
Additional paid-in capital | 350,553 | 342,104 |
Accumulated deficit | (82,801) | (40,371) |
Total stockholders' equity | 267,756 | 301,737 |
Total liabilities and stockholders' equity | $ 275,985 | $ 306,701 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts payable, related parties | $ 64 | $ 47 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 50,000,000 | 50,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 42,632,858 | 42,536,183 |
Common stock, shares outstanding | 42,136,971 | 41,441,135 |
Statement of Operations and Com
Statement of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Operating expenses: | ||||
Research and development | $ 10,915 | $ 5,484 | $ 32,608 | $ 13,386 |
General and administrative (including related party amounts of $173, $142, $570 and $260, respectively) | 2,730 | 1,154 | 11,301 | 2,970 |
Total operating expenses | 13,645 | 6,638 | 43,909 | 16,356 |
Loss from operations | (13,645) | (6,638) | (43,909) | (16,356) |
Other income (expense): | ||||
Interest income | 1,131 | 2 | 1,496 | 8 |
Other income (expense) | (5) | (7) | (17) | (16) |
Total other income (expense) | 1,136 | (5) | 1,479 | (8) |
Net loss and comprehensive loss | $ (12,509) | $ (6,643) | $ (42,430) | $ (16,364) |
Net loss per share, basic | $ (0.30) | $ (0.72) | $ (1.02) | $ (3.63) |
Net loss per share, diluted | $ (0.30) | $ (0.72) | $ (1.02) | $ (3.63) |
Weighted average shares used to compute net loss per common share basic | 41,997,195 | 9,164,003 | 41,777,052 | 4,504,997 |
Weighted average shares used to compute net loss per common share- diluted | 41,997,195 | 9,164,003 | 41,777,052 | 4,504,997 |
Statement of Operations and C_2
Statement of Operations and Comprehensive Income (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Related party transaction, selling, general and administrative expenses | $ 173 | $ 142 | $ 570 | $ 260 |
Statements of Convertible Prefe
Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] |
Beginning balance at Dec. 31, 2020 | $ (13,638) | $ 439 | $ (14,077) | |||
Beginning balance (in shares) at Dec. 31, 2020 | 1,829,377 | |||||
Beginning balance at Dec. 31, 2020 | $ 27,651 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 3,374,560 | |||||
Convertible preferred stock, net of issuance costs | $ 23,495 | $ 106,128 | ||||
Convertible preferred stock, net of issuance costs, Share | 2,848,486 | 3,874,793 | ||||
Issuance of common stock under benefit plans, Shares | 139,212 | |||||
Issuance of common stock under benefit plans | 86 | 86 | ||||
Vesting of shares of common stock subject to repurchase | 65 | 65 | ||||
Vesting of shares of common stock subject to repurchase, Share | 234,239 | |||||
Stock-based compensation | 174 | 174 | ||||
Net loss | (4,209) | (4,209) | ||||
Ending balance at Mar. 31, 2021 | (17,522) | 764 | (18,286) | |||
Ending balance (in shares) at Mar. 31, 2021 | 2,202,828 | |||||
Ending balance at Mar. 31, 2021 | $ 51,146 | $ 106,128 | ||||
Ending balance (in shares) at Mar. 31, 2021 | 6,223,046 | 3,874,793 | ||||
Beginning balance at Dec. 31, 2020 | (13,638) | 439 | (14,077) | |||
Beginning balance (in shares) at Dec. 31, 2020 | 1,829,377 | |||||
Beginning balance at Dec. 31, 2020 | $ 27,651 | |||||
Beginning balance (in shares) at Dec. 31, 2020 | 3,374,560 | |||||
Net loss | (16,364) | |||||
Ending balance at Sep. 30, 2021 | 309,731 | $ 4 | 340,168 | (30,441) | ||
Ending balance (in shares) at Sep. 30, 2021 | 41,207,660 | |||||
Beginning balance at Mar. 31, 2021 | (17,522) | 764 | (18,286) | |||
Beginning balance (in shares) at Mar. 31, 2021 | 2,202,828 | |||||
Beginning balance at Mar. 31, 2021 | $ 51,146 | $ 106,128 | ||||
Beginning balance (in shares) at Mar. 31, 2021 | 6,223,046 | 3,874,793 | ||||
Issuance of common stock under benefit plans, Shares | 1,511 | |||||
Issuance of common stock under benefit plans | 1 | 1 | ||||
Vesting of shares of common stock subject to repurchase | 28 | 28 | ||||
Vesting of shares of common stock subject to repurchase, Share | 170,012 | |||||
Stock-based compensation | 338 | 338 | ||||
Net loss | (5,512) | (5,512) | ||||
Ending balance at Jun. 30, 2021 | $ (22,667) | 1,131 | (23,798) | |||
Ending balance (in shares) at Jun. 30, 2021 | 2,374,351 | |||||
Ending balance at Jun. 30, 2021 | $ 51,146 | $ 106,128 | ||||
Ending balance (in shares) at Jun. 30, 2021 | 6,223,046 | 3,874,793 | ||||
Preferred stock converted into shares of common stock | $ 157,274 | $ 3 | 157,271 | $ (51,146) | $ (106,128) | |
Preferred stock converted into shares of common stock, Shares | 26,228,089 | (6,223,046) | (3,874,793) | |||
Initial public offering of common shares, net of issuance costs | 181,220 | $ 1 | 181,219 | |||
Initial public offering of common shares, net of issuance costs, Shares | 12,420,000 | |||||
Issuance of common stock under benefit plans, Shares | 522 | |||||
Issuance of common stock under benefit plans | 1 | 1 | ||||
Vesting of shares of common stock subject to repurchase | 39 | 39 | ||||
Vesting of shares of common stock subject to repurchase, Share | 184,698 | |||||
Stock-based compensation | 507 | 507 | ||||
Net loss | (6,643) | (6,643) | ||||
Ending balance at Sep. 30, 2021 | 309,731 | $ 4 | 340,168 | (30,441) | ||
Ending balance (in shares) at Sep. 30, 2021 | 41,207,660 | |||||
Beginning balance at Dec. 31, 2021 | 301,737 | $ 4 | 342,104 | (40,371) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 41,441,135 | |||||
Issuance of common stock under benefit plans, Shares | 28,951 | |||||
Issuance of common stock under benefit plans | 238 | 238 | ||||
Vesting of shares of common stock subject to repurchase | 63 | 63 | ||||
Vesting of shares of common stock subject to repurchase, Share | 226,478 | |||||
Stock-based compensation | 3,972 | 3,972 | ||||
Net loss | (14,826) | (14,826) | ||||
Ending balance at Mar. 31, 2022 | 291,184 | $ 4 | 346,377 | (55,197) | ||
Ending balance (in shares) at Mar. 31, 2022 | 41,696,564 | |||||
Beginning balance at Dec. 31, 2021 | 301,737 | $ 4 | 342,104 | (40,371) | ||
Beginning balance (in shares) at Dec. 31, 2021 | 41,441,135 | |||||
Net loss | (42,430) | |||||
Ending balance at Sep. 30, 2022 | 267,756 | $ 4 | 350,553 | (82,801) | ||
Ending balance (in shares) at Sep. 30, 2022 | 42,136,971 | |||||
Beginning balance at Mar. 31, 2022 | 291,184 | $ 4 | 346,377 | (55,197) | ||
Beginning balance (in shares) at Mar. 31, 2022 | 41,696,564 | |||||
Issuance of common stock under benefit plans, Shares | 15,247 | |||||
Issuance of common stock under benefit plans | 34 | 34 | ||||
Vesting of shares of common stock subject to repurchase | 42 | 42 | ||||
Vesting of shares of common stock subject to repurchase, Share | 191,299 | |||||
Stock-based compensation | 2,688 | 2,688 | ||||
Net loss | (15,095) | (15,095) | ||||
Ending balance at Jun. 30, 2022 | 278,853 | $ 4 | 349,141 | (70,292) | ||
Ending balance (in shares) at Jun. 30, 2022 | 41,903,110 | |||||
Issuance of common stock under benefit plans, Shares | 52,477 | |||||
Issuance of common stock under benefit plans | 356 | 356 | ||||
Vesting of shares of common stock subject to repurchase | 37 | 37 | ||||
Vesting of shares of common stock subject to repurchase, Share | 181,384 | |||||
Stock-based compensation | 1,019 | 1,019 | ||||
Net loss | (12,509) | (12,509) | ||||
Ending balance at Sep. 30, 2022 | $ 267,756 | $ 4 | $ 350,553 | $ (82,801) | ||
Ending balance (in shares) at Sep. 30, 2022 | 42,136,971 |
Statements of Cash Flows (Unaud
Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (42,430) | $ (16,364) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 214 | 90 |
Stock-based compensation | 7,679 | 1,019 |
Loss on disposal of property and equipment | 3 | 3 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (5,945) | (917) |
Accounts payable, accrued expenses and other liabilities | 2,150 | 1,396 |
Right-of-use assets and lease liabilities, net | 24 | 56 |
Net cash used in operating activities | (38,305) | (14,717) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (538) | (556) |
Proceeds from sale of property and equipment | 0 | 16 |
Net cash used in investing activities | (538) | (540) |
Cash flows from financing activities: | ||
Payment of deferred offering costs | 0 | 182,729 |
Proceeds from issuances of common stock under benefit plans | 629 | 513 |
Payments for financing lease | 0 | (9) |
Net cash provided by financing activities | 629 | 312,856 |
Net cash (decrease) increase for the period | (38,214) | 297,599 |
Cash, cash equivalents and restricted cash at beginning of the period | 302,425 | 15,467 |
Cash, cash equivalents and restricted cash at end of the period | 264,211 | 313,066 |
Reconciliation of cash, cash equivalents and restricted cash to the balance sheet | ||
Cash and cash equivalents | 263,211 | 312,823 |
Restricted cash | 1,000 | 243 |
Total cash, cash equivalents and restricted cash | 264,211 | 313,066 |
Supplemental disclosure of cash flow information: | ||
Right-of-use asset obtained in exchange for lease liability | 1,556 | 1,238 |
Non-cash investing and financing activities: | ||
Purchases of equipment included in accounts payable | 9 | 17 |
Deferred offering costs included in accounts payable and accrued expenses | 0 | 1,509 |
Series A Convertible Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 0 | 23,495 |
Series B Convertible Preferred Stock [Member] | ||
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 0 | $ 106,128 |
Organization and Basis of Prese
Organization and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a precision oncology company designing and developing purpose-built therapies specifically designed to overcome therapy resistance and improve the lives of cancer patients whose tumors have acquired resistance over the course of therapy to currently available treatments. On September 17, 2021 , the Company completed its initial public offering (the IPO) and issued 12,420,000 shares of common stock for net proceeds of approximately $ 181.2 million. See Note 6 to these financial statements for additional details. Stock Split On September 7, 2021, the Company effected a 2.5974 -for-1 forward stock split of its common stock (the Forward Stock Split). The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split. In conjunction with the Company’s IPO, the authorized shares of common stock were increased to 500,000,000 . The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented, unless otherwise indicated. Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The accompanying unaudited financial statements do not include all of the information and notes required by GAAP for complete financial statements. These unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at September 30, 2022 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . Liquidity and Capital Resources From inception to September 30, 2022, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP platform, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates. From inception through September 30, 2022, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies During the three and nine months ended September 30, 2022, there have been no changes to the Company's significant accounting policies as described in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021. Restricted Cash Restricted cash is comprised of cash that is restricted as to its withdrawal or use under the terms of certain contractual agreements. Restricted cash as of September 30, 2022 and December 31, 2021 was $ 1.0 million and $ 0.2 million, respectively, which consisted of collateral letters of credit related to the Company's operating leases and which are considered a non-current asset on the balance sheet. Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has no t recorded any such liabilities as of September 30, 2022 and December 31, 2021 . Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: • Affiliates of the entity; • Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; • Trusts for the benefit of employees; • Principal owners of the entity and members of their immediate families; • Management of the entity and members of their immediate families; or • Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. For the three and nine months ended September 30, 2022, van den Boom & Associates rendered contracted services totaling approximately $ 0.2 million and $ 0.6 million, respectively. Recently Issued Accounting Pronouncements There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020 to the recently issued accounting standards for the three and nine months ended September 30, 2022 . Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1 —Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 —Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 —Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, restricted cash, accounts payable, and accrued and other current liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at September 30, 2022 and December 31, 2021 are money market funds with a carrying value and fair value of $ 252.7 million and $ 291.7 million, respectively, based upon a Level 1 fair value assessment. Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using As of September 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money Market Funds $ 252,700 $ 252,700 $ — $ — None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): September 30, December 31, Equipment $ 1,110 $ 870 Computers and software 181 109 Leasehold improvements 156 141 Furniture and fixtures 78 76 1,525 1,196 Less: accumulated depreciation ( 379 ) ( 169 ) Total property and equipment, net $ 1,146 $ 1,027 Depreciation expense for the three and nine months ended September 30, 2022 was $ 82,000 and $ 214,000 , respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $ 41,000 and $ 90,000 , respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Accrued and Other Current Liabilities | 5. Accrued and Other Current Liabilities Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued payroll and other employee benefits $ 1,150 $ 1,278 Accrued research and development 1,100 1,257 Accrued legal and professional fees 121 61 Accrued other general and administrative fees 244 219 Total accrued and other current liabilities $ 2,615 $ 2,815 |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders' Equity Convertible Preferred Stock In January 2020 and February 2021, the Company issued, at each date, 2,848,486 shares of Series A convertible preferred stock at a price of $ 8.25 per share resulting in gross proceeds of $ 23.5 million, at each date, and incurred issuance costs of $ 0.2 million and $ 5,000 , respectively. In March 2021, the Company issued 3,874,793 shares of Series B convertible preferred stock, at a price of $ 27.4337 per share, resulting in net proceeds of $ 106.1 million excluding issuance costs of $ 0.2 million. In September 2021, upon completion of the IPO, all of the Company’s shares of convertible preferred stock converted into 26,228,089 shares of common stock. Common Stock Common stock reserved for future issuance consisted of the following: September 30, December 31, Common stock options granted and outstanding 5,948,170 3,771,516 Shares available for future issuance under the 2021 4,283,673 4,384,274 Shares available for future issuance under the 2021 759,442 380,000 Total common stock reserved for future issuance 10,991,285 8,535,790 Restricted Stock Since inception, the Company has issued 2,820,560 shares of restricted common stock at a price of $ 0.0001 per share to certain founders of the Company (Founders Stock). The Company maintains a repurchase right whereby the shares of Founders Stock are released from such repurchase right over a period of time of continued service by the recipient. Any shares subject to repurchase by the Company are not deemed to be outstanding for accounting purposes until those shares vest. Unvested outstanding Founders Stock as of September 30, 2022 and December 31, 2021 were 127,760 and 495,170 shares, respectively. The amount recorded as liabilities associated with shares issued with repurchase rights were immaterial as of September 30, 2022 and December 31, 2021. For the nine months ended September 30, 2022 and 2021, 367,410 and 365,445 shares vested in each period and the Company recognized $ 0.2 million of stock-based compensation expense for each period related to the awards, respectively. As of September 30, 2022, the total unrecognized compensation expense related to unvested Founders Stock was $ 0.1 million and is expected to be recognized over a weighted-average period of approximately 0.3 years. |
Equity Incentive Plans and Stoc
Equity Incentive Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plans and Stock-Based Compensation | 7. Equity Incentive Plans and Stock-Based Compensation Equity Incentive Plans In September 2021, the Company's Board of Directors adopted, and its stockholders approved, the 2021 Incentive Award Plan (the 2021 Plan). Upon the adoption of the 2021 Plan, the Company restricted the grant of future equity awards under the 2020 Equity Incentive Plan (the 2020 Plan). The 2021 Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors, and consultants of the Company. A total of 5,570,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the 2021 Plan. The number of shares reserved under the 2021 Plan also included 1,032,150 shares of the Company’s common stock that remained available for issuance under the 2020 Plan as of immediately prior to the effectiveness of the 2021 Plan. The 2021 Plan share reserve will be increased by the number of shares under the 2020 Plan that are repurchased, forfeited, expired or cancelled after the effective date of the 2021 Plan. In addition, the number of shares of the Company’s common stock available for issuance under the 2021 Plan will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 5 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. The options granted under the 2020 Plan and the 2021 Plan are exercisable at various dates as determined upon grant and will expire no more than ten years from their date of grant. The exercise price of each option shall be determined by the Company’s Board of Directors based on the fair market value of the Company’s stock on the date of the option grant. The exercise price shall not be less than 100% of the fair market value of the Company’s common stock at the time the option is granted. The vesting period generally occurs over four years, either ratably, or with a one year cliff followed by ratable vesting over the remaining 36 months, unless there is a specific performance vesting trigger at which time those shares will vest when the performance trigger is probable to occur. Certain grants contain performance vesting conditions in addition to defined service periods. A summary of the Company’s stock option activity for the period ended September 30, 2022 is as follows: Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2021 3,771,516 $ 9.18 9.3 $ 28,901 Granted 2,630,877 $ 7.67 Exercised ( 50,756 ) $ 4.98 Expired ( 121,262 ) $ 16.64 Forfeited ( 282,205 ) $ 16.18 Outstanding at September 30, 2022 5,948,170 $ 7.95 9.1 $ 18,806 Exercisable at September 30, 2022 1,262,635 $ 6.56 8.4 $ 6,475 Vested and expected to vest as of September 30, 2022 5,948,170 $ 7.95 9.1 $ 18,806 During the nine months ended September 30, 2022, 96,431 performance-based stock options vested upon the achievement of the performance condition. The Company recorded $ 1.2 million of compensation expense relating to the vested performance-based stock options for the nine months ended September 30, 2022. During the nine months ended September 30, 2022, an aggregate of 94,731 performance-based stock options were forfeited as the related performance conditions were not achieved. The Company reversed previously recognized $ 1.0 million of expense related to the cancelled options. As of September 30, 2022, 3,493 performance-based stock options were both outstanding and unvested. The performance conditions related to these options were satisfied in 2020, and the options will continue to vest over the remaining service period of 16 months. Total unrecognized stock-based compensation expense on outstanding performance based options was $ 13,000 as of September 30, 2022. Stock-Based Compensation Expense The Company estimated the fair value of stock options using the Black-Scholes valuation model. The Company accounts for forfeitures of options when they occur. Previously recognized compensation expense for an award is reversed in the period that the award is forfeited. The fair value of stock options was estimated using the following assumptions: Nine Months Ended 2022 2021 Stock Options: Stock price $ 5.38 - 12.31 $ 0.99 - 16.00 Risk-free rate of interest 1.6 - 3.6 % 0.8 - 1.1 % Expected term (years) 5.1 - 6.1 5.0 - 6.1 Expected stock price volatility 82.3 - 90.4 % 98.9 - 99.9 % Dividend yield — — Stock-based compensation expense recognized for all equity awards, including Founder's Stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 651 $ 210 $ 3,732 $ 442 General and administrative expense 368 298 3,947 577 Total $ 1,019 $ 508 $ 7,679 $ 1,019 The weighted-average grant date fair value of employee option grants for the nine months ended September 30, 2022 and 2021 was $ 5.59 and $ 2.70 per share, respectively. For the three and nine months ended September 30, 2022, forfeitures resulted in the reversal of compensation expense in each case totaling $ 1.1 million, of which $ 1.0 million related to the non-achievement of underlying performance conditions for certain performance-based stock option grants. Forfeitures resulting in the reversal of compensation expense were immaterial for the three and nine months ended September 30, 2021. As of September 30, 2022, the unrecognized compensation cost related to outstanding employee and nonemployee options was $ 28.1 million, and is expected to be recognized as expense over a weighted-average period of approximately 2.9 years. Employee Stock Purchase Plan In September 2021, the Company’s Board of Directors approved and adopted the 2021 Employee Stock Purchase Plan (ESPP). The ESPP became effective on the business day immediately prior to the effective date of the Company’s first registration statement. A total of 380,000 shares of the Company’s common stock were initially reserved for issuance pursuant to the ESPP. In addition, the number of shares of the Company’s common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year, beginning with the Company’s 2022 fiscal year, in an amount equal to the lesser of (1) 1 % of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (2) such smaller amount as determined by the Company’s Board of Directors. The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15 % of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85 % of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year . During the nine months ended September 30, 2022, the Company issued 45,919 shares of common stock in connection with the ESPP. Liability for Early Exercise of Stock Options Certain individuals were granted the ability to early exercise their stock options prior to the IPO. The shares of common stock issued from the early exercise of unvested stock options are restricted and continue to vest in accordance with the original vesting schedule. The Company has the option to repurchase any unvested shares at the original purchase price upon any voluntary or involuntary termination. The shares purchased by the employees and non-employees pursuant to the early exercise of stock options are not deemed, for accounting purposes, to be outstanding until those shares vest. The cash received in exchange for exercised and unvested shares related to stock options granted is recorded as a liability for the early exercise of stock options on the accompanying balance sheets and will be transferred into common stock and additional paid-in capital as the shares vest. As of September 30, 2022 and December 31, 2021, 368,127 and 599,878 unvested shares issued under early exercise provisions were subject to repurchase by the Company, respectively. As of September 30, 2022 and December 31, 2021, the Company recorded $ 0.2 million and $ 0.4 million, respectively, associated with early exercised stock options in other long-term liabilities. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. Net Loss Per Share The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net loss $ ( 12,509 ) $ ( 6,643 ) $ ( 42,430 ) $ ( 16,364 ) Denominator: Weighted average common shares outstanding 42,646,810 10,621,868 42,614,902 5,984,285 Less: weighted average unvested founder shares of ( 209,421 ) ( 673,607 ) ( 330,928 ) ( 785,036 ) Less: weighted average unvested common stock ( 440,194 ) ( 784,258 ) ( 506,922 ) ( 694,252 ) Weighted average shares used to compute net loss 41,997,195 9,164,003 41,777,052 4,504,997 Net loss per share, basic and diluted $ ( 0.30 ) $ ( 0.72 ) $ ( 1.02 ) $ ( 3.63 ) The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of September 30, 2022 2021 Unvested restricted common stock subject to repurchase 127,760 619,069 Unvested common stock upon early exercise of stock 368,127 749,476 Options to purchase common stock 5,948,170 2,586,313 6,444,057 3,954,858 |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 9. Leases The Company has leases for its office and laboratory space, including its corporate headquarters, with terms that expire in 2033. The Company has two options to extend the term of the operating lease for a period of three years each. However, as the Company was not reasonably certain to exercise either of those options at lease commencement, neither option was recognized as part of the associated operating lease Right-of-use (ROU) asset or liability. In March 2022, the Company entered into an agreement (the Expansion Lease), for an additional office and laboratory space. The Expansion Lease is expected to commence in the second half of 2023 and projected lease payments over the life of the lease are expected to be $ 5.5 million with a lease expiration of 120 months after the commencement of the Expansion Lease. The Company has an option to renew the Expansion Lease and its existing operating lease, which has the same lessor and has been amended to have the same lease term as the Expansion Lease for two additional thirty-six month periods. In connection with the Company's operating leases, the Company paid a security deposit of $ 71,000 and is required to maintain a letter of credit of $ 1.0 million until 2027 at which time it can be reduced to $ 0.5 million throughout the end of the lease term. The Company's operating lease cost was $ 0.1 million and $ 0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.3 million for the nine months ended September 30, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities was $ 0.1 million and $ 0.1 million for the three months ended September 30, 2022 and 2021, respectively, and $ 0.2 million and $ 0.2 million for the nine months ended September 30, 2022 and 2021, respectively. Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of September 30, Year ending December 31, 2022 (remaining 3 months) $ 73 2023 299 2024 309 2025 317 2026 327 Thereafter 2,378 Total minimum lease payments 3,703 Less: amount representing interest ( 1,062 ) Present value of lease liabilities 2,641 Less: current portion of lease liabilities ( 127 ) Lease liabilities, noncurrent $ 2,514 September 30, December 31, 2022 2021 Weighted-average remaining lease term 10.8 4.6 Weighted-average incremental borrowing 6.50 % 7.50 % |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent Events On October 3, 2022, the Company entered into an ATM Sales Agreement (the Sales Agreement) with Virtu Americas LLC (the Agent), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $ 150.0 million in “at the market” offerings through the Agent. Sales of the shares of common stock, if any, will be made at prevailing market prices at the time of sale, or as otherwise agreed with the Agent. The Agent will receive a commission from the Company of up to 3.0 % of the gross proceeds of any shares of common stock sold under the Sales Agreement. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Organization | Organization Tyra Biosciences, Inc. (the Company) was incorporated in the state of Delaware on August 2, 2018 . The Company is a precision oncology company designing and developing purpose-built therapies specifically designed to overcome therapy resistance and improve the lives of cancer patients whose tumors have acquired resistance over the course of therapy to currently available treatments. On September 17, 2021 , the Company completed its initial public offering (the IPO) and issued 12,420,000 shares of common stock for net proceeds of approximately $ 181.2 million. See Note 6 to these financial statements for additional details. Stock Split On September 7, 2021, the Company effected a 2.5974 -for-1 forward stock split of its common stock (the Forward Stock Split). The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split. In conjunction with the Company’s IPO, the authorized shares of common stock were increased to 500,000,000 . The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented, unless otherwise indicated. |
Basis of Presentation | Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with generally accepted accounting principles in the United States (GAAP). Any reference in these notes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Updates (ASU) promulgated by the Financial Accounting Standards Board (FASB). The accompanying unaudited financial statements do not include all of the information and notes required by GAAP for complete financial statements. These unaudited financial statements include only normal and recurring adjustments that the Company believes are necessary to fairly state the Company’s financial position and the results of its operations and cash flows. The results for the three and nine months ended September 30, 2022 and 2021 are not necessarily indicative of the results expected for the full fiscal year or any subsequent interim period. The balance sheet at September 30, 2022 has been derived from the financial statements at that date but does not include all disclosures required by GAAP for complete financial statements. Because all of the disclosures required by GAAP for complete financial statements are not included herein, these unaudited financial statements and the notes accompanying them should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 . |
Liquidity | Liquidity and Capital Resources From inception to September 30, 2022, the Company has devoted substantially all of its resources to organizing and staffing the company, business planning, raising capital, developing its proprietary SNÅP platform, undertaking research and development activities for its development programs, establishing its intellectual property portfolio, and providing general and administrative support for its operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues to develop its current and future product candidates. From inception through September 30, 2022, the Company funded its operations primarily through the issuance of common stock in its IPO, the sale of convertible preferred stock and the issuance of Simple Agreements for Future Equity. The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2). Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. |
Commitments and Contingencies | Commitments and Contingencies The Company recognizes a liability with regard to loss contingencies when it believes it is probable a liability has been incurred, and the amount can be reasonably estimated. If some amount within a range of loss appears at the time to be a better estimate than any other amount within the range, the Company accrues that amount. When no amount within the range is a better estimate than any other amount the Company accrues the minimum amount in the range. The Company has no t recorded any such liabilities as of September 30, 2022 and December 31, 2021 . |
Related Parties | Related Parties Transactions between related parties are considered to be related party transactions even though they may not be given accounting recognition. FASB ASC 850, Related Party Disclosures (FASB ASC 850) requires that transactions with related parties that would make a difference in decision making shall be disclosed so that users of the financial statements can evaluate their significance. Related party transactions typically occur within the context of the following relationships: • Affiliates of the entity; • Entities for which investments in their equity securities is typically accounted for under the equity method by the investing entity; • Trusts for the benefit of employees; • Principal owners of the entity and members of their immediate families; • Management of the entity and members of their immediate families; or • Other parties that can significantly influence the management or operating policies of the transacting parties and can significantly influence the other to an extent that one or more of the transacting parties might be prevented from fully pursuing its own separate interests. The Company previously entered into a consulting agreement with van den Boom & Associates, LLC (van den Boom & Associates), a professional services firm contracted to provide resources to assist with day-to-day accounting functions. Services provided under the agreement with van den Boom & Associates are billed at hourly rates. On April 16, 2021, Ms. van den Boom, the managing partner of van den Boom & Associates, entered into an employment agreement with the Company whereby she became its Chief Financial Officer. Van den Boom & Associates is considered a related party under FASB ASC 850 from the point in which Ms. van den Boom became a Company officer. For the three and nine months ended September 30, 2022, van den Boom & Associates rendered contracted services totaling approximately $ 0.2 million and $ 0.6 million, respectively. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements There were no other significant updates not already disclosed in the Company’s audited financial statements for the years ended December 31, 2021 and 2020 to the recently issued accounting standards for the three and nine months ended September 30, 2022 . Although there were several other new accounting pronouncements issued or proposed by the FASB, the Company does not believe any of those accounting pronouncements have had or will have a material impact on its financial position or operating results. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of fair value of assets measured | Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using As of September 30, 2022 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Money Market Funds $ 252,700 $ 252,700 $ — $ — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): September 30, December 31, Equipment $ 1,110 $ 870 Computers and software 181 109 Leasehold improvements 156 141 Furniture and fixtures 78 76 1,525 1,196 Less: accumulated depreciation ( 379 ) ( 169 ) Total property and equipment, net $ 1,146 $ 1,027 |
Accrued and Other Current Lia_2
Accrued and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities, Current [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities consisted of the following (in thousands): September 30, December 31, Accrued payroll and other employee benefits $ 1,150 $ 1,278 Accrued research and development 1,100 1,257 Accrued legal and professional fees 121 61 Accrued other general and administrative fees 244 219 Total accrued and other current liabilities $ 2,615 $ 2,815 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance consisted of the following: September 30, December 31, Common stock options granted and outstanding 5,948,170 3,771,516 Shares available for future issuance under the 2021 4,283,673 4,384,274 Shares available for future issuance under the 2021 759,442 380,000 Total common stock reserved for future issuance 10,991,285 8,535,790 |
Equity Incentive Plans and St_2
Equity Incentive Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the period ended September 30, 2022 is as follows: Options Weighted-Average Weighted-Average Aggregate Outstanding at December 31, 2021 3,771,516 $ 9.18 9.3 $ 28,901 Granted 2,630,877 $ 7.67 Exercised ( 50,756 ) $ 4.98 Expired ( 121,262 ) $ 16.64 Forfeited ( 282,205 ) $ 16.18 Outstanding at September 30, 2022 5,948,170 $ 7.95 9.1 $ 18,806 Exercisable at September 30, 2022 1,262,635 $ 6.56 8.4 $ 6,475 Vested and expected to vest as of September 30, 2022 5,948,170 $ 7.95 9.1 $ 18,806 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of stock options was estimated using the following assumptions: Nine Months Ended 2022 2021 Stock Options: Stock price $ 5.38 - 12.31 $ 0.99 - 16.00 Risk-free rate of interest 1.6 - 3.6 % 0.8 - 1.1 % Expected term (years) 5.1 - 6.1 5.0 - 6.1 Expected stock price volatility 82.3 - 90.4 % 98.9 - 99.9 % Dividend yield — — |
Schedule of Stock-based Compensation Expense | Stock-based compensation expense recognized for all equity awards, including Founder's Stock, has been reported in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Research and development expense $ 651 $ 210 $ 3,732 $ 442 General and administrative expense 368 298 3,947 577 Total $ 1,019 $ 508 $ 7,679 $ 1,019 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net loss $ ( 12,509 ) $ ( 6,643 ) $ ( 42,430 ) $ ( 16,364 ) Denominator: Weighted average common shares outstanding 42,646,810 10,621,868 42,614,902 5,984,285 Less: weighted average unvested founder shares of ( 209,421 ) ( 673,607 ) ( 330,928 ) ( 785,036 ) Less: weighted average unvested common stock ( 440,194 ) ( 784,258 ) ( 506,922 ) ( 694,252 ) Weighted average shares used to compute net loss 41,997,195 9,164,003 41,777,052 4,504,997 Net loss per share, basic and diluted $ ( 0.30 ) $ ( 0.72 ) $ ( 1.02 ) $ ( 3.63 ) |
Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding | The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because their inclusion would be anti-dilutive. As of September 30, 2022 2021 Unvested restricted common stock subject to repurchase 127,760 619,069 Unvested common stock upon early exercise of stock 368,127 749,476 Options to purchase common stock 5,948,170 2,586,313 6,444,057 3,954,858 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Lease Liabilities with Weighted Average Remaining Term and Weighted Average Discount Rate | Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands): As of September 30, Year ending December 31, 2022 (remaining 3 months) $ 73 2023 299 2024 309 2025 317 2026 327 Thereafter 2,378 Total minimum lease payments 3,703 Less: amount representing interest ( 1,062 ) Present value of lease liabilities 2,641 Less: current portion of lease liabilities ( 127 ) Lease liabilities, noncurrent $ 2,514 September 30, December 31, 2022 2021 Weighted-average remaining lease term 10.8 4.6 Weighted-average incremental borrowing 6.50 % 7.50 % |
Organization and Basis of Pre_2
Organization and Basis of Presentation - Additional Information (Details) $ in Thousands | 9 Months Ended | |||
Sep. 17, 2021 USD ($) shares | Sep. 07, 2021 shares | Sep. 30, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | |
Common stock, shares issued | 42,632,858 | 42,536,183 | ||
Stock option exercised | 50,756 | |||
Forward stock split conversion | 0.0000025974 | |||
Increase in authorized share due to forward stock split | 50,000,000 | |||
Entity Incorporation, Date of Incorporation | Aug. 02, 2018 | |||
Accumulated deficit | $ | $ 82,801 | $ 40,371 | ||
IPO [Member] | ||||
Common stock, shares issued | 12,420,000 | |||
Increase in authorized shares | 500,000,000 | |||
Proceeds from initial public offering, net of issuance costs | $ | $ 181,200 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Significant Accounting Policies [Line Items] | |||
Loss contingency accrual | $ 0 | $ 0 | $ 0 |
Restricted cash | 1,000 | 1,000 | $ 243 |
Van Den Boom & Associates, LLC | |||
Significant Accounting Policies [Line Items] | |||
Contracted services incurred | $ 200 | $ 600 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2022 | Dec. 31, 2021 |
Money Market Funds | Level 1 | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Cash and cash equivalents, fair value | $ 252.7 | $ 291.7 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of assets measured at fair value (Details) - Money Market Funds [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |
Fair Value Of Assets | $ 252,700 |
Fair Value, Inputs, Level 1 [Member] | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |
Fair Value Of Assets | 252,700 |
Fair Value, Inputs, Level 2 [Member] | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |
Fair Value Of Assets | |
Fair Value, Inputs, Level 3 [Member] | |
Fair Value, off-Balance-Sheet Risks, Disclosure Information [Line Items] | |
Fair Value Of Assets |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,525 | $ 1,196 |
Less: accumulated depreciation | (379) | (169) |
Total property and equipment, net | 1,146 | 1,027 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 1,110 | 870 |
Computers and Software | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 181 | 109 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | 156 | 141 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property plant and equipment, gross | $ 78 | $ 76 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation | $ 82,000 | $ 41,000 | $ 214,000 | $ 90,000 |
Schedule of Accrued and Other C
Schedule of Accrued and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and other employee benefits | $ 1,150 | $ 1,278 |
Accrued research and development | 1,100 | 1,257 |
Accrued legal and professional fees | 121 | 61 |
Accrued other general and administrative fees | 244 | 219 |
Total accrued and other current liabilities | $ 2,615 | $ 2,815 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | 1 Months Ended | 9 Months Ended | |||||
Mar. 31, 2021 | Feb. 28, 2021 | Jan. 31, 2020 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Sep. 17, 2021 | |
Class Of Stock [Line Items] | |||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||
Common stock, shares issued | 42,632,858 | 42,536,183 | |||||
Total common stock reserved for future issuance | 10,991,285 | 8,535,790 | |||||
Term of recognized expense | 2 years 10 months 24 days | ||||||
2021 Plan | |||||||
Class Of Stock [Line Items] | |||||||
Total common stock reserved for future issuance | 5,570,000 | ||||||
IPO [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Convertible preferred stock | 26,228,089 | ||||||
Common stock, shares issued | 12,420,000 | ||||||
Restricted Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Common stock, par value | $ 0.0001 | ||||||
Common stock, shares issued | 2,820,560 | ||||||
Unvested founders stock outstanding | 127,760 | 495,170 | |||||
Shares vested | 367,410 | 365,445 | |||||
Stock based compensation expense | $ 200,000 | $ 200,000 | |||||
Unrecognized compensation expense | $ 100,000 | ||||||
Term of recognized expense | 9 days | ||||||
Series B Convertible Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Sale of stock | 3,874,793 | ||||||
Stock price | $ 27.4337 | ||||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 106,100,000 | $ 0 | 106,128,000 | ||||
Stock issuance, cost incurred | $ 200,000 | ||||||
Series A Convertible Preferred Stock [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Sale of stock | 2,848,486 | 2,848,486 | |||||
Stock price | $ 8.25 | $ 8.25 | |||||
Proceeds from issuance of convertible preferred stock, net of issuance costs | $ 23,500,000 | $ 23,500,000 | $ 0 | $ 23,495,000 | |||
Stock issuance, cost incurred | $ 5,000 | $ 200,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Reserved Shares of Common Stock (Details) - shares (Details) - shares | Sep. 30, 2022 | Dec. 31, 2021 |
Class of Stock [Line Items] | ||
Common Stock Options Granted And Outstanding | 5,948,170 | 3,771,516 |
Total common stock reserved for future issuance | 10,991,285 | 8,535,790 |
2021 Equity Incentive Plan [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 4,283,673 | 4,384,274 |
2021 Employee Stock Purchase Plan [Member] | ||
Class of Stock [Line Items] | ||
Total common stock reserved for future issuance | 759,442 | 380,000 |
Equity Incentive Plans and St_3
Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Class Of Stock [Line Items] | ||||
Total common stock reserved for future issuance | 10,991,285 | 10,991,285 | 8,535,790 | |
Unrecognized stock based compensation expense | $ 13,000 | $ 13,000 | ||
Unrecognized compensation cost related to options | $ 28.1 | $ 28.1 | ||
Term of recognized expense | 2 years 10 months 24 days | |||
Common stock, shares issued | 42,632,858 | 42,632,858 | 42,536,183 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
Liability of early exercise options, shares | 368,127 | 368,127 | 599,878 | |
Liability of early exercise options | $ 0.2 | $ 0.2 | $ 0.4 | |
Employee Stock Purchase Plan [Member] | ||||
Class Of Stock [Line Items] | ||||
Total common stock reserved for future issuance | 380,000 | 380,000 | ||
Increase in common stock | 1% | |||
Employee Stock Purchase Plan Description | The ESPP permits eligible employees who elect to participate in an offering under the ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the ESPP. The price of common stock purchased under the ESPP is equal to 85% of the lower of the fair market value of the common stock at the commencement date of each offering period or the relevant date of purchase. Each offering period is six months, with new offering periods commencing every six months on or about the dates of March 15 and September 15 of each year | |||
Common stock, shares issued | 45,919 | 45,919 | ||
Employee Stock Purchase Plan [Member] | Common Stock | ||||
Class Of Stock [Line Items] | ||||
Fair market value of the common stock, percentage | 85% | |||
Purchase of common stock through payroll deduction | 15% | |||
Stock Options [Member] | ||||
Class Of Stock [Line Items] | ||||
Performance stock based options forfeited shares | 1,100,000 | 1,100,000 | ||
Recognized share based compensation expense | $ 1 | $ 1 | ||
Weighted average grant fair value | $ 5.59 | $ 2.70 | ||
Performance Shares [Member] | ||||
Class Of Stock [Line Items] | ||||
Stock based options outstanding and unvested | 3,493 | |||
Performance stock based options forfeited shares | 94,731 | |||
Recognized share based compensation expense | $ 1 | |||
Performance-based stock options, vested | 96,431 | |||
Performance-based stock options, Expense recognized | $ 1.2 | |||
Restricted Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Performance-based stock options, vested | 367,410 | 365,445 | ||
Term of recognized expense | 9 days | |||
Common stock, shares issued | 2,820,560 | 2,820,560 | ||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Unvested founders stock outstanding | 127,760 | 127,760 | 495,170 | |
2020 Plan | ||||
Class Of Stock [Line Items] | ||||
Total common stock available for future issuance | 1,032,150 | 1,032,150 | ||
2021 Plan | ||||
Class Of Stock [Line Items] | ||||
Total common stock reserved for future issuance | 5,570,000 | 5,570,000 | ||
Increase in common stock | 5% | |||
2021 Plan | Stock Options [Member] | ||||
Class Of Stock [Line Items] | ||||
Expiration period | 10 years |
Equity Incentive Plans and St_4
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Number of Outstanding Options, Beginning balance | 3,771,516 | |
Number of Outstanding Options, Granted | 2,630,877 | |
Number of Outstanding Options, Exercised | (50,756) | |
Number of Outstanding Options, Expired | 121,262 | |
Number of Outstanding Options, Forfeited | (282,205) | |
Number of Outstanding Options, Ending balance | 5,948,170 | 3,771,516 |
Number of Outstanding Options, Exercisable | 1,262,635 | |
Number of Outstanding Options, Vested and expected to vest | 5,948,170 | |
Weighted- Average Exercise Price, Beginning balance | $ 9.18 | |
Weighted- Average Exercise Price, Granted | 7.67 | |
Weighted- Average Exercise Price, Exercised | 4.98 | |
Weighted- Average Exercise Price, Expired | 16.64 | |
Weighted- Average Exercise Price, Forfeited | 16.18 | |
Weighted- Average Exercise Price, Ending balance | 7.95 | $ 9.18 |
Weighted- Average Exercise Price, Exercisable | 6.56 | |
Weighted- Average Exercise Price, Vested and expected to vest | $ 7.95 | |
Weighted- Average Remaining Contractual Term | 9 years 1 month 6 days | 9 years 3 months 18 days |
Weighted- Average Remaining Contractual Term, Exercisable | 8 years 4 months 24 days | |
Weighted- Average Remaining Contractual Term, Vested and expected to vest | 9 years 1 month 6 days | |
Aggregate Intrinsic Value, Beginning balance | $ 28,901 | |
Aggregate Intrinsic Value, Exercised | 6,475 | |
Aggregate Intrinsic Value, Ending balance | 18,806 | $ 28,901 |
Aggregate Intrinsic Value, Vested and expected to vest | $ 18,806 |
Equity Incentive Plans and St_5
Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Option Grants (Details) - $ / shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Class Of Stock [Line Items] | ||
Dividend yield | 0% | 0% |
Minimum | ||
Class Of Stock [Line Items] | ||
Stock price | $ 5.38 | $ 0.99 |
Risk-free rate of interest | 1.60% | 0.80% |
Expected term (years) | 5 years 1 month 6 days | 5 years |
Expected stock price volatility | 82.30% | 98.90% |
Maximum | ||
Class Of Stock [Line Items] | ||
Stock price | $ 12.31 | $ 16 |
Risk-free rate of interest | 3.60% | 1.10% |
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected stock price volatility | 90.40% | 99.90% |
Equity Incentive Plans and St_6
Equity Incentive Plans and Stock-Based Compensation - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 1,019 | $ 508 | $ 7,679 | $ 1,019 |
Research and Development Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 651 | 210 | 3,732 | 442 |
General And Administrative Expense [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 368 | $ 298 | $ 3,947 | $ 577 |
Net Loss Per Share - Basic and
Net Loss Per Share - Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Numerator: | ||||||||
Net loss | $ (12,509) | $ (15,095) | $ (14,826) | $ (6,643) | $ (5,512) | $ (4,209) | $ (42,430) | $ (16,364) |
Denominator: | ||||||||
Weighted average common shares outstanding | 42,646,810 | 10,621,868 | 42,614,902 | 5,984,285 | ||||
Less: weighted average unvested founder shares of common stock | (209,421) | (673,607) | (330,928) | (785,036) | ||||
Less: weighted average unvested common stock issued upon early exercise of common stock options | (440,194) | (784,258) | (506,922) | (694,252) | ||||
Weighted average shares used to compute net loss per common share basic | 41,997,195 | 9,164,003 | 41,777,052 | 4,504,997 | ||||
Weighted average shares used to compute net loss per common share- diluted | 41,997,195 | 9,164,003 | 41,777,052 | 4,504,997 | ||||
Net loss per share, basic | $ (0.30) | $ (0.72) | $ (1.02) | $ (3.63) | ||||
Net loss per share, diluted | $ (0.30) | $ (0.72) | $ (1.02) | $ (3.63) |
Net Loss Per Share - Potentiall
Net Loss Per Share - Potentially Dilutive Securities Including All Outstanding Stock Options were excluded in Calculation of Diluted Shares Outstanding (Details) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 6,444,057 | 3,954,858 |
Unvested Restricted Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 127,760 | 619,069 |
Unvested Common Stock Exercise Of Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 368,127 | 749,476 |
Stock Options To Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,948,170 | 2,586,313 |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 | |
Lessee Lease Description [Line Items] | ||||||
Present value of lease liabilities | $ 2,641,000 | $ 2,641,000 | ||||
Weighted-average incremental borrowing rate - operating leases | 6.50% | 6.50% | 7.50% | |||
Operating Lease, Cost | $ 100,000 | $ 100,000 | $ 200,000 | $ 300,000 | ||
Lease liability paid | 100,000 | $ 100,000 | 200,000 | $ 200,000 | ||
Expansion Lease Agreement [Member] | ||||||
Lessee Lease Description [Line Items] | ||||||
Operating lease term of contract | 120 months | |||||
Present value of lease liabilities | $ 5,500,000 | |||||
Security deposit | 71,000 | 71,000 | ||||
Long-term line of credit | 1,000,000 | 1,000,000 | ||||
Expansion Lease Agreement [Member] | Minimum | ||||||
Lessee Lease Description [Line Items] | ||||||
Long-term line of credit | $ 500,000 | $ 500,000 |
Leases - Schedule of Maturities
Leases - Schedule of Maturities Lease Liabilities Weighted-Average Remaining Term and Weighted-Average Discount Rate (Details) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
2022 (remaining six months) | $ 73 | |
2023 | 299 | |
2024 | 309 | |
2025 | 317 | |
2026 | 327 | |
Thereafter | 2,378 | |
Total minimum lease payments | 3,703 | |
Less: amount representing interest | (1,062) | |
Total lease liabilities | 2,641 | |
Less: current portion of lease liabilities | (127) | $ (202) |
Operating lease liabilities, noncurrent | $ 2,514 | $ 981 |
Weighted-average remaining lease term (years) - operating leases | 10 years 9 months 18 days | 4 years 7 months 6 days |
Weighted-average incremental borrowing rate - operating leases | 6.50% | 7.50% |
Subsequent Events (Additional I
Subsequent Events (Additional Information) (Details) - Subsequent Event [Member] - Virtu Americas LLC - ATM Sales Agreement $ in Millions | Oct. 03, 2022 USD ($) |
Subsequent Event [Line Items] | |
Agent Commission | 3% |
Maximum | |
Subsequent Event [Line Items] | |
Aggregate Common Stock Offering Price | $ 150 |